FIAT vs. IVVW

Last updated Apr 2, 2026

Compare and contrast key facts about YieldMax Short COIN Option Income Strategy ETF (FIAT) and iShares S&P 500 BuyWrite ETF (IVVW).

FIAT and IVVW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FIAT is an actively managed fund by YieldMax. It was launched on Jul 9, 2024. IVVW is a passively managed fund by iShares that tracks the performance of the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index. It was launched on Mar 14, 2024.

Performance

FIAT vs. IVVW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short COIN Option Income Strategy ETF (FIAT) and iShares S&P 500 BuyWrite ETF (IVVW). The values are adjusted to include any dividend payments, if applicable.

FIAT vs. IVVW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FIAT YieldMax Short COIN Option Income Strategy ETF	13.45%	-24.17%	-28.61%
IVVW iShares S&P 500 BuyWrite ETF	-1.13%	11.71%	6.95%

Returns By Period

In the year-to-date period, FIAT achieves a 13.45% return, which is significantly higher than IVVW's -1.13% return.

FIAT

• 1D: 0.96%
• 1M: 1.55%
• YTD: 13.45%
• 6M: 49.80%
• 1Y: -32.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVVW

• 1D: 0.60%
• 1M: -2.43%
• YTD: -1.13%
• 6M: 4.20%
• 1Y: 13.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FIAT vs. IVVW - Expense Ratio Comparison

FIAT has a 0.99% expense ratio, which is higher than IVVW's 0.25% expense ratio.

FIAT

YieldMax Short COIN Option Income Strategy ETF

IVVW

iShares S&P 500 BuyWrite ETF

Return for Risk

FIAT vs. IVVW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FIAT

FIAT Risk / Return Rank: 5
FIAT Sharpe Ratio Rank: 3
FIAT Sortino Ratio Rank: 5
FIAT Omega Ratio Rank: 4
FIAT Calmar Ratio Rank: 4
FIAT Martin Ratio Rank: 7

IVVW

IVVW Risk / Return Rank: 57
IVVW Sharpe Ratio Rank: 47
IVVW Sortino Ratio Rank: 51
IVVW Omega Ratio Rank: 73
IVVW Calmar Ratio Rank: 46
IVVW Martin Ratio Rank: 70

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FIAT vs. IVVW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short COIN Option Income Strategy ETF (FIAT) and iShares S&P 500 BuyWrite ETF (IVVW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FIAT	IVVW	Difference
Sharpe ratio Return per unit of total volatility	-0.55	0.89	-1.44
Sortino ratio Return per unit of downside risk	-0.44	1.41	-1.86
Omega ratio Gain probability vs. loss probability	0.94	1.28	-0.35
Calmar ratio Return relative to maximum drawdown	-0.52	1.27	-1.79
Martin ratio Return relative to average drawdown	-0.69	7.59	-8.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIAT vs. IVVW - Sharpe Ratio Comparison

The current FIAT Sharpe Ratio is -0.55, which is lower than the IVVW Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of FIAT and IVVW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FIAT	IVVW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.55	0.89	-1.44
Sharpe Ratio (All Time) Calculated using the full available price history	-0.40	0.88	-1.28

Correlation

The correlation between FIAT and IVVW is -0.57. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

FIAT vs. IVVW - Dividend Comparison

FIAT's dividend yield for the trailing twelve months is around 136.83%, more than IVVW's 19.78% yield.

	TTM	2025	2024
FIAT YieldMax Short COIN Option Income Strategy ETF	136.83%	178.11%	70.99%
IVVW iShares S&P 500 BuyWrite ETF	19.78%	18.55%	13.72%

Drawdowns

FIAT vs. IVVW - Drawdown Comparison

The maximum FIAT drawdown since its inception was -70.50%, which is greater than IVVW's maximum drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for FIAT and IVVW.

Drawdown Indicators

	FIAT	IVVW	Difference
Max Drawdown Largest peak-to-trough decline	-70.50%	-16.79%	-53.71%
Max Drawdown (1Y) Largest decline over 1 year	-63.14%	-11.21%	-51.93%
Current Drawdown Current decline from peak	-51.10%	-2.90%	-48.20%
Average Drawdown Average peak-to-trough decline	-44.36%	-1.87%	-42.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.96%	1.88%	+46.08%

Volatility

FIAT vs. IVVW - Volatility Comparison

YieldMax Short COIN Option Income Strategy ETF (FIAT) has a higher volatility of 20.25% compared to iShares S&P 500 BuyWrite ETF (IVVW) at 4.54%. This indicates that FIAT's price experiences larger fluctuations and is considered to be riskier than IVVW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIAT	IVVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.25%	4.54%	+15.71%
Volatility (6M) Calculated over the trailing 6-month period	41.52%	6.63%	+34.89%
Volatility (1Y) Calculated over the trailing 1-year period	58.69%	15.56%	+43.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.35%	13.10%	+48.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.35%	13.10%	+48.25%